Purpose of the Bill

The purpose of this bill is to allocate funds for housing initiatives aimed at supporting affordable homeownership. It specifically intends to provide financial assistance to the Rondo Community Land Trust for a homebuyer initiative targeted at certain income groups.

Main Provisions

• The bill appropriates $11,500,000 for the fiscal year 2026 from Minnesota's general fund.
• The funds are allocated to the Minnesota Housing Finance Agency which will then distribute a grant to the Rondo Community Land Trust.
• The grant is designated for a home buyer initiative pilot program.

Significant Changes to Existing Law

• This bill introduces a one-time allocation of funds for a specific purpose, focusing on housing affordability and assistance for households with incomes at or below 115% of the area median income, as set by the U.S. Department of Housing and Urban Development.

Relevant Terms

• Rondo Community Land Trust
• Minnesota Housing Finance Agency
• Homebuyer initiative
• Affordable housing
• Area median income
• Housing grant